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Newmark Knight Frank Completes Sale of Four Single-Tenant Retail Properties in Southern California Totaling $31 Million

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June 19, 2020 — Newmark Knight Frank (“NKF”) completed four separate transactions of single-tenant retail properties located throughout Southern California for a total of $31 million.

NKF’s Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Directors Michael Fogel and Matt Schwartz executed the four transactions.

“Single-tenant retail assets with solid credit, an operating history, favorable lease terms and quality real estate fundamentals remain in high demand, amid volatile capital markets due to the COVID-19 pandemic,” said Bauman. “We are seeing 1031-exchange investors very active in the market and pleased with the IRS’ decision to provide relief/extensions on 1031 timelines.”

Miller added, “Essential retail tenants, such as grocers and drugstores, continue to be highly sought after by investors, especially those who have experienced a significant increase in sales as of late.”

The first property, occupied by CVS, is located at 42150 Jackson Street in lndio and sold for $3.9 million in an all-cash transaction at a 5.1% cap rate. The seller was a private Orange County-based investor and developer, and the buyer was a private investor.

The second property, occupied by McDonalds, is located at 1712 Pacific Coast Highway in Lomita and sold for $2.4 million in an all-cash transaction at a 2.77% cap rate. The seller was a private family trust. The buyer, McDonalds, exercised its right of first refusal after the NKF team was able to generate multiple highly competitive offers.

 

The third property, which sold for $9.9 million at a 5.85% cap rate, is located at 14528 Palmdale Road in Victorville and is occupied by Cardenas, one of the leading Hispanic grocers in Southern California. The NKF team advised the seller, a private Orange County-based developer, and Ed Barkett of Atlas Properties represented the buyer, a private, 1031-exchange investor.

The fourth property, located at 14351 Hindry Avenue in Hawthorne, is occupied by Bed, Bath & Beyond and sold for $14 million. The seller was Hawthorne Gateway, LP, a private Los Angeles-based partnership, and the 1031-exchange buyer was a private, family office. The NKF team, along with Michael Grannis of Highland Partners, advised the seller, who has owned the property for nearly 18 years. NKF helped to implement a break-up strategy that included a simultaneous pay-off and recapitalization of the existing loan to free up the Bed Bath & Beyond parcel at close of escrow.

In the last month, the NKF team has launched over $150 million of high-profile, single-tenant transactions, including a Whole Foods in Santa Barbara and an Apple store located at Santa Monica’s Third Street Promenade, further underscoring the steady demand and momentum of single-tenant retail properties, amid recent economic turmoil.

According to NKF Research, private buyers drove acquisitions in recent years, a trend that will persist in 2020. Many of these buyers are high-net-worth individuals in search of yields that exceed the Treasury. COVID-19’s effects on global stock markets, which are highly volatile in the current environment, also enhance the appeal and security of net-leased investments as property owners receive the benefits of an income stream from a tenant and the underlying value of the asset.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Business

IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9

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The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario. 

IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers. 

The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face. 

Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through. 

The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth. 

The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus. 

The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include: 

  • Rod Vandenbos, founder and CEO, buzzbox beverages, Indio; 
  • Mike Napoli, Tech Coast Angels, Palm Springs; 
  • Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
  • Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and 
  • Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce 

Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.

The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including: 

  • Why a report like this is essential for the collective growth of our region; 
  • What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
  • Regional perspectives from influencers and officials that are active in our ecosystem. 

The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario. 

To learn more, visit the IECE State of Entrepreneurship Report website

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By Press Release

Southwest Airlines will fly from Ontario International Airport, CA, to Austin in 2022

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The announcement from Southwest Airlines that it will fly daily nonstop from Ontario International Airport (ONT) to Austin (AUS) starting in March 2022 is welcome news for the Southern California gateway and the Inland Empire.

The announcement from Southwest Airlines that the low-cost carrier will fly daily nonstop from Ontario International Airport (ONT) to Austin (AUS) starting in March 2022 is welcome news for the Southern California gateway and the Inland Empire.

Southwest will offer flights between ONT and Austin-Bergstrom International Airport daily on the following schedule effective March 10, 2022.

Flt #OriginDestinationDepartureArrivalFrequencyAircraft
1204ONTAUS10:55 a.m.3:35 p.m.Mon – Fri &
Sun
737-700
474ONTAUS9:50 a.m.2:30 p.m.Sat737-700
1739AUSONT4:35 p.m.5:55 p.m.Mon – Fri &
Sun
737-700
257AUSONT2:55 p.m.4:10 p.m.Sat737-700

The new flights are available for booking immediately at southwest.com.

“The addition of the Texas state capital to our route map is welcomed news and further indication of confidence by ONT’s largest air carrier,” said Alan D. Wapner, President of the OIAA Board of Commissioners. “It is also another sign that ONT’s recovery from the COVID-19 pandemic is well underway and gaining momentum.”

The announcement of the new Southwest flights comes as ONT continues to experience an impressive pandemic recovery. In August, ONT reported passenger traffic was within 7% of pre-COVID levels.

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By Press Release

Family Fun Month of Rides, Slides & Glides

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Alpine Slide Big Bear Observes Family Fun Month with a Variety of Delights 

August is Family Fun Month, and Alpine Slide Big Bear (Alpine Slide) is the premier spot in Big Bear that gives families an opportunity to soak up the joys of summertime fun together. Alpine Slide provides guests of all ages, from toddlers to grandparents, a variety of family-fun offerings, which includes a double waterslide, a mountain coaster thrill ride, a zipline-style flight, the Alpine Slide bobsled experience, go-karts and miniature golf. 

“The great thing about having a variety of attractions is it gives families a chance to pick and choose what best appeals to them,” said Alpine Slide Big Bear General Manager Julie Eubanks.

Family Fun Month occurs every August, and undoubtedly August happens to be one of the hottest months that many Southern California communities have to face each year. However, Big Bear is a great place to escape the daunting heat. Not only is Big Bear 20 to 30 degrees cooler than most of Southern California’s hot zones, but Alpine Slide’s double waterslide gives families who seek refuge from the heat an extra bonus to cool off. Kids can splash all day on two flumes of cascading water, turning and banking on the way to a 3 ½ – ft. deep, heated splash pool. Parents can spread a blanket out on the grass, or relax on the shaded, wrap-around deck at the base of the double waterslide. 

“Alpine Slide is also home to three attractions that are the first and only in California, which includes the Mineshaft Coaster, the Soaring Eagle, and the Alpine Slide,” added Eubanks. “Each of these rides offers something unique and suitable for all ages.” 

Mineshaft Coaster, which is the first and only mountain coaster in California, is an amusement-style, thrill ride that stretches over one mile long on a stainless-steel-tube track. It has all the bells and whistles of a roller coaster such as steep descents, hairpin turns, tunnels, bridges and 360-degree corkscrews. Here’s the kicker…the rider actually controls the speed of the coaster cart, which can reach max speeds of 30 mph.

The Soaring Eagle is a one-of-a-kind ride not seen anywhere else in California either. The Soaring Eagle has dual seats so a parent and child can ride side-by-side. It starts by lifting riders backwards on a zipline cable to a 70-foot tall launch tower. Once it reaches the top, it then catapults forward at 26 mph, on a 100-foot long vertical drop, that travels 500 feet back to the base. The Soaring Eagle not only offers folks an opportunity to experience the sensation of flying, but they are treated to a bird’s eye view of Big Bear Lake and surrounding mountain vistas, too. 

Another distinctive attraction on site is the Alpine Slide, which is the only authentic bobsled /luge experience in California. Riders navigate their own individually controlled sleds down a quarter-mile long concrete track with high-banked turns and long straight-aways. Each sled is equipped with Teflon runners, ball bearing wheels, control handle and brakes. Youngsters who meet the height requirements can ride with their parents on this fun-filled feature ride.  

Rounding off the family-fun activities at Alpine Slide is a go-kart track, putt-putt golf and video arcade. When it’s time for a break, head inside for an ice-cream cone. An ice-cream bar located at the snack bar offers 12 different tasty flavors to choose from, such as Banana Split, Cotton Candy or Birthday Cake!     

Alpine Slide, located at 800 Wildrose Lane (just off Big Bear Blvd.), is open daily. The Summer hours of operation are Sunday through Thursday from 10 a.m.- 6 p.m. and Friday and Saturday from 10 a.m. to 9 p.m. For general information, height requirements, pricing and specific hours for each attraction, please visit AlpineSlideBigBear.com or call 909-866-4626. 

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